Real Estate Roadblocks – Picking the Right Loan Officer

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Filed under: Borrower Tips

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A few weeks ago, I talked about picking a good real estate agent, and I wanted to follow-up on that thought and discuss the process of choosing the right loan officer as well. Both the real estate agent and your loan officer are important parts of the process of buying a home.

Important Things to Look For

Some people work with banks or brokers… and any of these options can be fine. One way or another, your loan officer needs to have access to a variety of loan products. There are many different combinations of credit, income, assets, and more that could affect a person’s loan application. You need to have the ability to work around all of these scenarios to ensure that your loan officer can help you find the right solution for your needs.

You should always ask questions and compare the available rates. Be cautious about online rates, because the numbers can be deceiving since there are often other fees and costs that are added in the transaction. Also, make sure that your loan officer is working for a company that is financially strong. This factor used to be more important in the past before the crash in 2008, but it’s still important now. Check on the loan officer’s licensing to ensure they are qualified for the services that are offered.

Where Do You Find a Good Loan Officer?

The most common way a homebuyer connects with their loan officer is through their real estate agent. Your agent is interested in making sure that the transactions go smoothly and they’ve built great reputations with other professionals in the industry. So, it makes sense that your real estate agent would be interested in providing a reputable loan officer to ensure you can close on the home.

A referral is always a great solution. If you can’t get a recommendation from your real estate agent, then talk to family and friends to find a loan officer that you can trust.

The final option is to search online. As with any other online purchase, online sourcing is a “buyer beware” situation. Online sourcing doesn’t mean that you will get a bad deal. In fact, Google can be a great place to start with your research. But it’s usually best to pick a loan officer that has worked with a friend or family member, instead of choosing an unknown lender.

If you need financing for your home, I’m always here to help. Call for information about the loan solutions that will work for your family.

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